Zuari Industries Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:34 am

Market Cap	991 Cr.
Current Price	333
High / Low	423/181
Stock P/E	19.2
Book Value	1,717
Dividend Yield	0.30 %
ROCE	3.71 %
ROE	2.34 %
Face Value	10.0
PEG Ratio	0.09

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for

Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Gayatri Sugars Ltd	98.0 Cr.	15.0	27.9/14.5		20.0	0.00 %	93.2 %	%	10.0
Dhampure Speciality Sugars Ltd	99.4 Cr.	125	142/75.7	67.6	35.6	0.00 %	3.15 %	3.78 %	10.0
Dhampur Bio Organics Ltd	793 Cr.	119	164/112	75.4	146	2.09 %	5.02 %	3.67 %	10.0
DCM Shriram Industries Ltd	1,658 Cr.	191	242/150	13.6	100	1.05 %	16.1 %	14.9 %	2.00
Davangere Sugar Company Ltd	525 Cr.	5.58	11.5/5.01	42.4	3.64	0.00 %	6.86 %	3.75 %	1.00
Industry Average	2,316.78 Cr	312.16		30.81	224.52	0.65%	13.00%	13.21%	6.37

All Competitor Stocks of

Quarterly Result

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	173	167	126	256	234	187	252	282	191	269	116	262	226
Expenses	193	178	147	215	234	210	258	233	243	282	126	142	201
Operating Profit	-20	-11	-22	41	-0	-23	-6	49	-52	-13	-10	121	25
OPM %	-11%	-7%	-17%	16%	-0%	-12%	-2%	17%	-27%	-5%	-9%	46%	11%
Other Income	58	88	29	80	318	59	52	142	82	60	891	15	17
Interest	84	54	53	73	60	61	62	67	69	74	72	68	69
Depreciation	7	6	7	3	7	7	8	6	7	7	7	7	7
Profit before tax	-52	16	-53	45	251	-32	-23	118	-46	-34	802	61	-34
Tax %	-29%	-2%	-8%	22%	-1%	41%	-83%	13%	4%	-2%	9%	-3%	-2%
Net Profit	-37	17	-48	35	253	-45	-4	102	-48	-33	729	63	-34
EPS in Rs	-8.90	7.75	-16.36	12.14	84.97	-14.92	-1.26	34.34	-15.85	-11.00	244.89	21.35	-11.20

Last Updated: October 7, 2024, 8:50 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 23, 2024, 3:13 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	398	642	520	553	603	550	774	771	834	722	955	838	873
Expenses	407	640	518	568	575	556	905	1,031	843	710	927	786	751
Operating Profit	-9	2	2	-15	29	-6	-131	-260	-9	12	28	52	122
OPM %	-2%	0%	0%	-3%	5%	-1%	-17%	-34%	-1%	2%	3%	6%	14%
Other Income	35	60	21	3	32	107	100	121	127	230	562	1,041	983
Interest	7	11	34	39	66	119	113	160	202	264	248	282	282
Depreciation	9	8	8	8	15	20	21	25	29	23	27	27	28
Profit before tax	9	43	-19	-60	-20	-38	-165	-325	-113	-45	314	784	795
Tax %	96%	77%	57%	-36%	1%	9%	-11%	22%	-13%	-22%	1%	9%
Net Profit	11	-1	-26	-38	-20	-41	-148	-396	-98	-35	309	713	726
EPS in Rs	5.39	-0.41	-8.93	-14.96	-8.80	-10.56	-43.68	-124.81	-29.20	-12.19	104.30	239.72	244.04
Dividend Payout %	37%	-245%	-11%	-7%	-11%	-9%	-2%	-1%	-7%	-8%	1%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-109.09%	-2500.00%	-46.15%	47.37%	-105.00%	-260.98%	-167.57%	75.25%	64.29%	982.86%	130.74%
Change in YoY Net Profit Growth (%)	0.00%	-2390.91%	2453.85%	93.52%	-152.37%	-155.98%	93.41%	242.82%	-10.97%	918.57%	-852.11%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	3%
5 Years:	2%
3 Years:	0%
TTM:	-15%

Compounded Profit Growth
10 Years:	%
5 Years:	8%
3 Years:	2%
TTM:	165%

Stock Price CAGR
10 Years:	12%
5 Years:	52%
3 Years:	36%
1 Year:	63%

Return on Equity
10 Years:	-3%
5 Years:	-3%
3 Years:	2%
Last Year:	-2%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 6:32 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	29	29	29	29	29	29	29	29	29	29	30	30	30
Reserves	672	679	649	1,760	1,880	2,378	2,152	1,137	1,849	2,885	2,312	3,830	5,084
Borrowings	71	228	623	760	866	1,153	1,471	1,940	2,288	2,512	2,691	2,436	2,401
Other Liabilities	336	400	556	442	459	624	773	830	740	816	774	1,195	1,429
Total Liabilities	1,108	1,336	1,858	2,991	3,235	4,184	4,426	3,937	4,907	6,243	5,807	7,492	8,944
Fixed Assets	84	79	252	370	539	550	544	698	665	654	645	622	611
CWIP	28	11	169	142	12	8	71	3	2	7	1	6	7
Investments	566	470	375	1,433	1,600	2,211	2,023	1,132	1,877	3,180	2,586	4,852	6,426
Other Assets	430	776	1,063	1,046	1,084	1,415	1,788	2,104	2,364	2,401	2,575	2,012	1,900
Total Assets	1,108	1,336	1,858	2,991	3,235	4,184	4,426	3,937	4,907	6,243	5,807	7,492	8,944

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-3	-158	-288	-12	109	-125	-45	126	109	62	269	71
Cash from Investing Activity +	8	13	41	-45	-5	-97	-114	-360	-204	69	-159	475
Cash from Financing Activity +	8	136	238	66	-98	214	160	232	90	-87	-89	-583
Net Cash Flow	13	-10	-8	9	5	-9	2	-2	-5	44	22	-36

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-80.00	-226.00	-621.00	-775.00	-837.00	-7.00	-132.00	-261.00	-11.00	10.00	26.00	50.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	81	75	69	62	56	86	49	51	40	37	31	24
Inventory Days	291	455	1,432	896	831	1,809	1,840	1,215	864	1,031	629	493
Days Payable	168	350	580	295	383	825	626	465	260	283	142	160
Cash Conversion Cycle	204	180	922	663	505	1,071	1,263	800	644	785	518	358
Working Capital Days	-37	117	269	205	218	351	307	255	347	448	396	-57
ROCE %	-0%	3%	3%	-1%	2%	3%	-2%	-5%	3%	4%	11%	5%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoters	56.90%	56.90%	56.95%	56.95%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%
FIIs	1.24%	1.27%	1.35%	1.39%	1.20%	1.41%	1.31%	1.30%	1.30%	1.36%	1.49%	1.55%
DIIs	3.75%	1.29%	0.24%	0.20%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.26%
Government	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Public	38.11%	40.55%	41.46%	41.42%	41.94%	41.73%	41.84%	41.85%	41.86%	41.78%	41.67%	41.35%
No. of Shareholders	25,386	24,369	23,849	28,673	29,029	28,336	28,143	27,940	27,698	27,487	26,417	27,248

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	239.72	102.84	-11.95	-31.58	-124.64
Diluted EPS (Rs.)	239.72	102.84	-11.95	-31.58	-124.64
Cash EPS (Rs.)	239.32	-15.76	-5.75	-1.25	-34.48
Book Value[Excl.RevalReserv]/Share (Rs.)	1296.09	779.97	985.71	661.44	371.16
Book Value[Incl.RevalReserv]/Share (Rs.)	1296.09	779.97	985.71	661.44	371.16
Revenue From Operations / Share (Rs.)	281.31	320.71	245.18	283.21	261.89
PBDIT / Share (Rs.)	94.43	70.55	80.70	69.49	45.24
PBIT / Share (Rs.)	85.24	61.34	72.98	59.56	36.59
PBT / Share (Rs.)	254.06	-22.07	-16.78	-16.31	-19.02
Net Profit / Share (Rs.)	230.14	-24.97	-13.46	-11.19	-43.13
NP After MI And SOA / Share (Rs.)	239.72	102.84	-12.17	-31.58	-124.64
PBDIT Margin (%)	33.56	21.99	32.91	24.53	17.27
PBIT Margin (%)	30.30	19.12	29.76	21.02	13.97
PBT Margin (%)	90.31	-6.88	-6.84	-5.75	-7.26
Net Profit Margin (%)	81.80	-7.78	-5.49	-3.94	-16.46
NP After MI And SOA Margin (%)	85.21	32.06	-4.96	-11.15	-47.59
Return on Networth / Equity (%)	18.49	13.11	-1.22	-4.68	-32.63
Return on Capital Employeed (%)	4.75	4.34	4.45	4.75	4.17
Return On Assets (%)	9.52	5.27	-0.57	-1.86	-9.31
Long Term Debt / Equity (X)	0.32	0.75	0.58	0.82	1.23
Total Debt / Equity (X)	0.61	1.12	0.83	1.00	1.54
Asset Turnover Ratio (%)	0.12	0.15	0.12	0.00	0.01
Current Ratio (X)	0.74	1.52	1.35	1.29	1.22
Quick Ratio (X)	0.41	0.82	0.46	0.35	0.28
Inventory Turnover Ratio (X)	0.61	0.41	0.50	0.00	0.00
Dividend Payout Ratio (NP) (%)	0.41	0.97	-24.65	-6.33	-0.80
Dividend Payout Ratio (CP) (%)	0.40	0.89	-67.35	-9.23	-0.86
Earning Retention Ratio (%)	99.59	99.03	124.65	106.33	100.80
Cash Earning Retention Ratio (%)	99.60	99.11	167.35	109.23	100.86
Interest Coverage Ratio (X)	0.99	0.84	0.89	1.01	0.83
Interest Coverage Ratio (Post Tax) (X)	0.64	0.70	0.85	0.94	0.22
Enterprise Value (Cr.)	2645.11	2303.00	2626.87	2043.52	1680.27
EV / Net Operating Revenue (X)	3.16	2.41	3.64	2.45	2.18
EV / EBITDA (X)	9.41	10.96	11.06	9.99	12.62
MarketCap / Net Operating Revenue (X)	1.17	0.33	0.72	0.28	0.10
Retention Ratios (%)	99.58	99.02	124.65	106.33	100.80
Price / BV (X)	0.25	0.13	0.17	0.11	0.07
Price / Net Operating Revenue (X)	1.17	0.33	0.72	0.28	0.10
EarningsYield	0.73	0.94	-0.06	-0.39	-4.52

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 773.73

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 21, 2024, is Undervalued by 132.35% compared to the current share price 333.00

Intrinsic Value of as of December 21, 2024 is: 2,378.02

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 21, 2024, is Undervalued by 614.12% compared to the current share price 333.00

Last 5 Year EPS CAGR: 207.35%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (2,097.46 cr) compared to borrowings (1,495.38 cr), indicating strong financial stability. The company has shown consistent growth in sales (694.85 cr) and profit (89.23 cr) over the years.	The stock has a low average ROCE of 2.17%, which may not be favorable. The stock has a high average Working Capital Days of 234.92, which may not be favorable. The stock has a high average Cash Conversion Cycle of 465.08, which may not be favorable.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 81.8%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 4.75% (Industry Average ROCE: 13%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 18.49% (Industry Average ROE: 11.89%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 0.64
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.41
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 19.2 (Industry average Stock P/E: 23.62)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.61
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Zuari Industries Ltd. is a Public Limited Listed company incorporated on 12/05/1967 and has its registered office in the State of Goa, India. Company’s Corporate Identification Number(CIN) is L65921GA1967PLC000157 and registration number is 000157. Currently Company is involved in the business activities of Real estate activities on a fee or contract basis. Company’s Total Operating Revenue is Rs. 610.42 Cr. and Equity Capital is Rs. 29.44 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Sugar	Jai Kisaan Bhavan, Zuarinagar Goa 403726	ig.zgl@adventz.com https://www.zuariindustries.in

Management
Name	Position Held
Mr. Saroj Kumar Poddar	Chairman
Mr. Athar Shahab	Managing Director
Mr. Sushil Kumar Roongta	Executive Director
Mr. Alok Saxena	Whole Time Director
Mrs. Jyotsna Poddar	Non Executive Director
Mrs. Manju Gupta	Independent Director
Mr. Vijay Vyankatesh Paranjape	Independent Director
Mr. Suneet Shriniwas Maheshwari	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹773.73, which is 132.35% higher than the current market price of ₹333.00. The stock has a market capitalization of 991 Cr. and recorded a high/low of 423/181 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹5,084 Cr and total liabilities of ₹8,944 Cr.

What is the Market Cap of ?

The Market Cap of is 991 Cr..

What is the current Stock Price of as on 21 December 2024?

The current stock price of as on 21 December 2024 is 333.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 423/181.

What is the Stock P/E of ?

The Stock P/E of is 19.2.

What is the Book Value of ?

The Book Value of is 1,717.

What is the Dividend Yield of ?

The Dividend Yield of is 0.30 %.

What is the ROCE of ?

The ROCE of is 3.71 %.

What is the ROE of ?

The ROE of is 2.34 %.

What is the Face Value of ?

The Face Value of is 10.0.